Rental prices for apartments in TRNC have increased by an average of 22 percent over the past year. Rental properties priced in Turkish lira have almost disappeared from the market, and rents in British pounds continue to rise without slowing down. In 2024, despite fluctuations in exchange rates, rental prices have continued to grow.
According to industry experts, the average rental price for apartments has reached 6.97 British pounds per square meter, which is approximately 310 Turkish lira based on the exchange rate at the end of 2024.
The 101evler Real Estate Index 2024 4th Quarter report, compiled in collaboration with Reidin Data Analytics, shows that rental prices in British pounds have increased by 135 percent over the past three years. In December 2021, the rental price per square meter was 2.97 British pounds, but it has risen significantly since then.
Kyrenia remains the region with the highest rental prices. Over the last three months of 2024, rental prices there have increased by 3.28 percent, by 20.49 percent over the past year, and by 127.85 percent over the last three years. The average rental price per square meter in Kyrenia is 8.56 British pounds, equivalent to 382 Turkish lira. The average rent for a 75-square-meter apartment is 642 British pounds, approximately 28,600 Turkish lira.
Nicosia has also experienced price increases. In 2024, rental rates rose by more than 24 percent, with the average rental price per square meter reaching 5.58 British pounds, or 249 Turkish lira.
In Famagusta, rental prices increased by 19.04 percent over the past year, with the cost per square meter now at 5.52 British pounds or 246 Turkish lira. This region has recorded the highest three-year increase in rental prices, reaching 138 percent.
The report does not include data on rapidly developing areas such as Iskele, Güzelyurt, and Lefke, but overall, the rental market in Northern Cyprus continues to show a strong upward trend in prices.
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